Ajman Bank, the emirate’s first Islamic commercial bank, has joined as a “Lead Manager” in a syndication financing guaranteed by Zain, one of the world’s largest telecommunication companies. The US$ 360 million deal was arranged by Citigroup, and closed in July 2009. Ajman Bank joined the deal at a later stage as a “Lead Manager” with a participation of US$ 18.5 million in the Islamic tranche.
The participation is in line with the bank’s core strategy and plans to expand operations across all business sectors in the UAE and the region. Ajman Bank is set on building quality assets through strategic relationships with successful blue chip companies like Zain that enjoy a solid position in the market, strong track record, and viable financials.
Ajman Bank believe the telecommunication sector is a promising sector in the region and had proven to be more sustainable than other sectors especially during challenging market dynamics.
Acting CEO of Ajman Bank, Ali E Alshaqoosh Al Mueen commented on the participation, “We are very selective in picking up the right opportunities and in tying up with reputable names within Ajman Bank’s overall risk appetite.
We want to ensure we maximize our shareholders’ expectations and strengthen confidence in Ajman Bank.”
Ali E Alshaqoosh Al Mueen added, “We are delighted to have worked on this syndication with a reputable financial institution such as Citigroup. This deal shall be considered a milestone for Ajman Bank in its first year of operations. We expect it to be the first of many similarly strategic transactions and achievements for Ajman Bank supported by the wise directions of its Board of Directors.